Looking at TSLA on the weekly timeframe we see that the price of TSLA once again is inside a descending/downtrending channel.
We have two previous rejections on top of this channel with over 30% drops, and I believe we can see third 30% drop too.
The long ascending line has a support point at around $240, and also the Fixed Range Volume Profile provides a point of control at this same price.
With the weekly RSI being in the overbought territory, and the CM_Ultimate calling for a drop, TSLA can fall all the way to $185 if the $240 level fails.
We can then expect a bounce from the 200 week EMA.
Thanks for reading, and stay tuned. Enjoy.
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RSI is oversold in 4HR, 1D, and 1 week timeframes.
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If the $205 level doesn't hold, we will see another 20% drop towards the $180.
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I think we will see the TSLA price below $200 when the market opens.
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Update on the 200 EMA. Currently at $160.
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And we hit the target today. I see more downside.
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Perfect price action for TSLA this week. 2 targets hit and one more to go. I still believe we will hit $160 and fill our last buy in order for this stock.